A man sentenced to death obtained a reprieve by assuring the king he would teach his majesty's horse to fly within the year - on the condition that if he didn't succeed, he would be put to death at the end of the year. "Within a year," the man explained later, "the king may die, or I may die, or the horse may die. Furthermore, in a year, who knows? Maybe the horse will learn to fly." My philosophy is like that man's. I take the long-range view.
Bernard BaruchIncreased wages, higher pensions, more unemployment insurance, all are of no avail if the purchasing power of money falls faster.
Bernard BaruchNone of us can be free of conflict and woe. Even the greatest men have had to accept disappointments as their daily bread. ... The art of living lies less in eliminating our troubles than in growing with them.
Bernard BaruchNothing did more to spur the boom in stocks than the decision made by the New York Federal Reserve bank, in the spring of 1927, to cut the rediscount rate. Benjamin Strong, Governor of the bank, was chief advocate of this unwise measure, which was taken largely at the behest of Montagu Norman of the Bank of England....At the time of the Banks action I warned of its consequences....I felt that sooner or later the market had to break.
Bernard Baruch